In Brazil, companies created a record by purchasing more than 12,000 crypto assets within the month of August. Brazil stands out among the top 5 countries for having a huge number of crypto investors, with approximately 10 million users.
According to the data collected by the country’s tax authority, it shows that Bitcoin and Tether (USDT) are marked at the top of the list. Tether stands in the top position for doing the most valuable transactions at $7.4 billion, nearly 80,000 transactions in the month of August. Bitcoin is in second position, with transactions of $1.43 billion.
Tether ranked top in value transactions, but it shows a decline in the utilization of stablecoins. And some of the cryptocurrencies like XRP, Cardano, and Solana remained in the same position.
The number of investors who are utilizing digital assets increased from 794,976 in June to 1.33 million in July. The number of companies holding crypto assets showed a growth rate of 6.1%. There were 11,360 holders in June, 11,797 holders in July and 12,053 holders in August.
In South America, Brazil is the nation that provides the largest digital market platform for trading the popular cryptocurrency Bitcoin. In 2019, the country set a record by trading 100,000 bitcoins in one day in Latin America.
Will Brazil Become The Biggest Latin American Nation For Worldwide Crypto Exchanges?
Brazilians are very familiar with digital currency, which makes a path for the nation to lead into the crypto world. Individuals in the country choose cryptocurrency over traditional investments. As per the report in August 2021, the citizens held $50 billion (USD) in crypto when compared to only holding $16 billion (USD) in US dollars.
Brazil has started to attract a huge number of crypto asset investors across the world, like the largest crypto exchange platform, Binance, Coinbase, and Crypto.com, showing their interest in Brazil.
In 2019, 2TM Group, the Brazilian holding company, became the first institution in the world to tokenize public debt assets. In 2020, the company issued Futecoin, the first digital asset based on FIFA’s solidarity mechanism in the world.
Recent Brazil-Related News
Recently, the Brazilian police seized a huge number of cash and luxury items that were valued at up to 780 million euros, which were robbed in a cryptocurrency scheme. In March 2022, Brazilian police gathered information from the United States authorities via Interpol. After collecting information, the Brazilian police started investigating, where they found 4 billion Brazilian users and some of the users from other countries were affected by the Da Silva cyber attack.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/10/15/brazil-again-created-a-record-by-holding-a-huge-amount-of-crypto-assets/